Wells Fargo offers fixed-to-floating medium-term notes in two parts

By Mary-Katherine Stinson

Lexington, Ky., July 18 – Wells Fargo & Co. intends to sell two tranches of senior redeemable fixed-to-floating rate notes, series W, with maturities in July 2029 (Cusip: 95000U3E1) and July 2034 (Cusip: 95000U3F8), according to 424B2 filings with the Securities and Exchange Commission.

For each tranche of notes, the fixed-rate period will end a year before the maturity date, on a date in July 2028 and July 2033, respectively, after which the notes will transition to compounded SOFR plus a margin.

Each tranche of notes will feature a make-whole period starting in August. The make whole period ends in July 2028 for the 2029 notes and July 2033 for the 2034 notes, which are also the first par call dates. Beginning in June 2029, one month before maturity for the 2029 notes, and April 2034, three months before maturity for the 2034 notes, each tranche will be callable at par.

Wells Fargo Securities, LLC is the sole bookrunner.

The financial services company is based in San Francisco.

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